You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $922,250. (a) How much of this revenue was sales (in $) and how much was sales tax (in $)? sales 24 sales tax %24 (b) How much sales tax (In $) should be sent to the city? %24 (c) How much sales tax (in $) should be sent to the state? %24
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- You are the owner of Cache, a chain of women’s clothing boutiques. Your state has a sales tax of 5% and your city has an additional sales tax of 1.5%. Each quarter you’re responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue including sales tax of $266,250.  A- how much revenue was sales in dollars, and how much is sales tax in dollars? B-how much sales tax in dollar should be sent to the city? C- how much sales tax and dollars should be sent to the state? You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $705,250. (a)How much of this revenue was sales (in $) and how much was sales tax (in $)? (b)How much sales tax (in $) should be sent to the city? (c)How much sales tax (in $) should be sent to the state?You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $922,250. (a) How much of this revenue was sales (in $) and how much was sales tax (in $)? sales$ sales tax$ (b) How much sales tax (in $) should be sent to the city? $ (c) How much sales tax (in $) should be sent to the state? $
- At the end of the first quarter, the accountant for David Fly Fishing Outfitters determines that the total sales tax payable for the quarter is $3,240.50. When the sales tax is paid to the state, the accountant debits Sales Tax Payable and credits Cash for the total amount due.Sam Club earned $50,000 and paid taxes of $10,000. Samantha Heartearned $60,000 and paid taxes of $12,000. If these taxes were paid to thesame government agency, is the tax on income progressive, regressive, orproportional? How did you reach this conclusion?John Gates made $25,000 last year and paid $2,500 in taxes on this income. Jane Smith made $30,000 last year and paid $2,700 in taxes on this income. What type of tax is the government using? answers proposed taxes proportional taxes progressive taxes regressive taxes not enough information
- Yesterday Estate Jewelers had total sales, including sales tax, of $16,502.50. The store is located in a state that has a sales tax of . the accountant for the 6 3/4% store , calculate : the anount of sales revenue and the amount of sales tax that must be sent to the state department of revenueSuppose that you are an individual taxpayer who is self-employed. For the year, you projected a 10% increase from last year's gross receipts of P2,000,000. There is also an 8% increase in total cost and expenses of P900,000. In the first quarter of the year, would you signify your intention to be taxed at 8% optional gross income tax (OGIT)? Justify your answer 2. Debbie Corporation (DC) is one of the leading domestic manufacturers in the country. For the year, it has gross sales of P800,000,000, cost of sales of P160,000,000, and other expenses of P120,000,000. It also earns P500,000 interest income from the bonds it holds in Myanmar. Suppose that you are the Chief Financial Officer (CFO) of DC. Now, choose one (1) action you will take to manage the tax of DC and discuss itAccording to a professional analysis of one proposed federal tax cut (by the accounting firm Deloitte and Touche), the cut would have resulted in the following income tax savings: a single person with a household income of $41,000 would save $211 in taxes; a single person with a household income of $530,000 would save $12,838 in taxes; a married couple with two children and a household income of $41,000 would save $1208 in taxes; and a married couple with two children and a household income of $530,000 would save $13,442 in taxes. Find the absolute difference in savings between a single person earning $41,000 and a single person earning $530,000. Then express the savings as a percentage of earnings for each person. Find the absolute difference in savings between a married couple with two children earning $41,000 and a married couple with two children earning $530,000. Then express the savings as a percentage of earnings for each couple. Write a paragraph either defending or…
- Charlotte has an effective tax rate of 22%. This year she reported the following: salary of $175,000, investment income of $4000, expenses of $15,000, and a standard deduction of $12,000. Approximate federal income taxes are closest to:S operates in a business environment with a 6% state sales tax rate and a 4% county sales tax rate. The state allows S to keep 2% of the state sales tax it collects while the county requires S to remit 99% of the county sales tax it collects. During June, S recorded the sales taxes in its sales revenue account. S’s sales revenue account for June had a credit balance of $1,650,000. S prepares AJEs monthly. Assume S remits the June sales taxes to the state and the county on July 10. Prepare the entries S made (1) as of 06-30 to reflect the sales tax it will remit to the state and to the county and (2) on 07-10 to reflect the payment to the state and to the county.You own a townhome with and assessed value of 182,300. The tax rate is $2.20 per $100 of assessed value round your answer to the nearest cent? A-what is the amount of property tax in dollars? B-if the state offers a 4% discount for early payment how much and dollars would the tax bill amount to if you paid early?  C-if the state charges a mandatory 3 1/2% penalty for late payments, how much in dollars with the tax bill amount too if you paid late ?